NEWS!
Atlantic International Entertainment, Ltd. Announces HCI Exercises Option To
Increase Equity Position
PR Newswire - May 03, 1999 10:15
Atlantic's Largest Institutional Shareholder Significantly Increases Ownership Percentage
BOCA RATON, Fla., May 3 /PRNewswire/ -- Atlantic International Entertainment, Ltd., AIE Ltd. (OTC Bulletin Board: AIEE)
announced that South African-based HCI (the investment company for the Mine Workers Union and South African Clothing Workers
Union) has exercised its option signed on March 26 to purchase 1.1 million shares from retiring non-executive Chairman Norman Hoskin for
$2,223,870. With its purchase HCI share holdings increases to 2,361,935 shares or approximately 19% of total shares outstanding.
President & CEO, Richard A. Iamunno, stated that, "I appreciate the continuing and increased level of support from such a strategically
important financially savvy institutional investor. HCI will continue to be a highly valued investor, bringing AIE both unique business insights
and relationships that will support the company's global expansion efforts.
"We anticipate HCI to play an important role in helping AIE penetrate the potentially very large South African online gaming market as well
as other online gaming markets worldwide."
HCI's Chairman and Atlantic Board Member, Marcel Golding stated that, "AIE is establishing itself into what we think will be a major
supplier of worldwide online gaming products. It is our view that AIE's strategy compliments HCI's objectives of strengthening its position in
various global markets. With the purchase of these shares, our investment in AIE now totals over $6,350,000."
Atlantic International Entertainment, Ltd. develops and markets Internet and private network transaction-based products including, global
turn-key Internet Casino Extension, for licensed casinos; webSports, an Internet sports wagering system; Lottery Systems for private,
government and fund raising purposes; and Bingo for charity and private organization use. Atlantic also provides portable and wireless
gaming devices for increased play areas on gaming floors through its Las Vegas-based operations Excel Designs, Inc.
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves
risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence
on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use
of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and
uncertainties, please refer to the documents that the Company files from time to time with the Securities and Exchange Commission including
1OK filed May 26, 1998 and form 10Q filed November 16, 1998.
For Investor Relations please contact:
Ira W. Miller or Larry Fortune
I.W. Miller Group, Inc.
(949) 833-9001
SOURCE Atlantic International Entertainment, Ltd.
/CONTACT: Richard Iamunno, President & CEO of Atlantic International
Entertainment, Ltd., 561-393-6685, or fax, 561-393-1485/
/Web site: aieltd.com |
